AJIT SINGH,J. - (1.) This petition under Article 226 of the Constitution is directed against the judgment dated 26.6.2012 passed by the Debt Recovery Tribunal, Guwahati (in short "Tribunal") whereby it has dismissed petitioner's Misc. Application No.55/2011 arising out of OA No. 38/2001.
(2.) The petitioner is Assam Industrial Development Corporation Limited. In the year 1990, it had provided term loan of Rs. 61 lacs. to Respondent No.2-M/s Sree Sree Mahalakshmi Textiles Mills Pvt. Limited for the purpose of Textile Industry. And, as security, Respondent No.2 mortgaged with the petitioner a plot of land measuring 12 bighas bearing Dag No.460 Patta No.289 situated at village Bengenabari Town, District Nagaon. Respondent No.2 also mortgaged fixed assets, such as, buildings, plant and machinery etc.
(3.) Since Respondent No.2 failed to repay the loan amount as per agreed terms, the mortgaged property was taken over by the petitioner under Section 29 of the State Financial Corporation Act, 1951. Thereafter, a suit was filed for recovery of the outstanding amount which was transferred to the Tribunal, where it was registered as OA No.38/2001. The Tribunal vide order dated 28.6.2002 allowed the OA directing issuance of certificate in favour of the petitioner for recovery of Rs. 71,61,998/- with interest @12.5% per annum from the date of filing of suit till the payment of amount.;